November 14, 2022 12.30 pm This story is over 24 months old

Lincoln Joules jobs at risk as clothing retailer falls into administration

The Lincoln store only relocated last year
| Photo: The Lincolnite
By Local Democracy Reporter

Clothing chain Joules plans to appoint administrators after falling sale numbers and a failure to secure additional funds from potential investors.

Joules, founded by Tom Joule, started selling clothes at country shows in 1989 and has grown into a retail empire with 132 shops across the UK.

However, after a quiet autumn for sales and a failed bid to get potential investors on board, the group will now consider a move into administration.

The news could affect the Joules store on Lincoln’s redeveloped Cornhill Quarter, which moved from its spot near the Stonebow in 2021 – seven years after the fashion chain first arrived in the city.

Joules moved to Lincoln’s Cornhill Quarter in late 2021. | Photo: The Lincolnite

Some 1,600 jobs are at risk across the nation, and the future of the over 30-year-old chain is up in the air. However, store closures are yet to be announced at the time of reporting.

It is the latest in a long line of companies to feel the pinch during the rising cost of living crisis, and another High Street-area store that could end up saying goodbye to Lincoln.

The BBC has reported that share price in Joules has fallen by more than 95% in the last year, with the company value now standing at a little over £10 million – a far cry from its 2016 valuation of £140 million.

This steep decline has prompted Joules Group to suspend trading in its shares, after receiving a notice of intention to appoint administrators.

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